Business

FIRS Garners N490bn Tax Revenue In July

Pinterest LinkedIn Tumblr

The Federal Inland Revenue Service generated N490bn in tax receipts in the month of July.

FIRS Garners N490bn Tax Revenue In July
Garners N490bn Tax Revenue In July

The agency announced made the announcement in a statement on Thursday.

It also disclosed that N438 billion out of that amount was generated from non-oil receipts, which represents 89% of the total figure, while N52 billion is from oil receipts, which represents 11% of the total collection.

The FIRS stated that the significant drop in oil revenue could be attributable to the global shock caused by the coronavirus pandemic which led to a crash in crude oil prices and huge output cuts by oil-producing countries.

The statement also quoted the Executive Chairman of FIRS, Muhammad Nami, as attributing the increase in the non-oil receipt to the various reform measures that have been introduced by the board and management of the service, as well as the dedication of the staff. He said that it was gratifying to note that their collective effort as stakeholders was paying off.

The FIRS boss revealed that the FIRS continued to record a significant increase in tax revenue from non-oil sources, despite the national and global economic crises caused by COVID-19. He said that non-oil tax receipts had consistently contributed 75-90% of the total tax receipt in recent months.

Adelowo Adegboyega
Link Up
OduNews on Google News

Submit press release, news tips to us: [email protected] | Follow us @ODUNewsNG